I recently decided that the I would refurbish the old peugeot that was left in our garage when we bought our house 2 years ago.... I would like your optinion on a few things.
Firstly here is a bit of info on the bike:
Its made in Canda,
its red and white rainbow design,,,
carbolite 103 frame,
shimano SIS gears 10 speeds,
an Italmanubri handle bars,
swallow 28x266 tires
and the following code on the frame 8k04522,
and finally a pb9 sticker which I think is bogus as I can't find any info on a pb9 anywhere!!

I was thinking in repainting the frame as the rainbows are a bit horrible... is this frame worth investing in? I was then planning on installing straight handle bars as the brakes are really stiff and the bike seems unstable to me.... what do you think?
I am planning on keeping the original gears, shifters, brakes and frame and only installing the new handle bars, brake levers a new saddle and new tires

This is all after I build my own bike stand.
This seems like a new hobby to me

I am looking forward to all your expert advice.

Thanks